Homework Answers
Solution
| Adjustment | Balance sheet | Income statement | |||
| Not recorded | Assets | Liabilities | Equity | Revenue | Expenses |
| (a) | Overstated | Overstated | Understated | ||
| (b) | Understated | Understated | Understated | ||
| (c ) | Understated | Overstated | Understated | ||
| (d) | Overstated | Overstated | Understated | ||
| (e ) | Overstated | Understated | Understated | ||
Leave the blank spaces as they are. All the spaces does not need to be filled.
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In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement...
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement Balance Sheet Prepaid Expenses Unearned Revenue Accrued Revenue Accrued Expenses
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data...
Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $127,600 b. A fire insurance policy for a 2 year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $8,520 cash. The entire amount of the...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
please asap i have 15 minutes Effects of Errors on Financial Statements The accountant for Healthy...
please asap i have 15 minutes
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($20,230) and (b) accrued wages (54,350). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement Balance Sheet Prepaid Expenses Unearned Revenue Accrued Revenue Accrued Expenses
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $127,600 b. A fire insurance policy for a 2 year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $8,520 cash. The entire amount of the...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
please asap i have 15 minutes
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($20,230) and (b) accrued wages (54,350). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter...
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